Pet Insurance

By Anna Lynn C. Sibal

Veterinary care is becoming more and more expensive these days, due mostly to technological advances in animal care. Treatments that used to be available only on humans are now becoming available to pets as well. With the increasingly exorbitant cost of veterinary care facing most pet owners nowadays, it is not a surprise to find pet insurance becoming a priority among pet owners.

What is pet insurance? Simply put, pet insurance is protection that pet owners purchase that is supposed to shield them in case an unexpected illness, especially those requiring specialized treatment, befalls a pet. For a pet owner, availing of a pet insurance plan eliminates the need to answer the question, “Will I shell out money for my pet when he gets really sick, or will I just let the vet put him to sleep?”

Buying a pet insurance is not always an easy financial decision to make. In the course of a pet’s lifetime, a typical pet insurance plan can cost a pet owner as much as USD6,000. Some people might say that it could be just money that is better spent elsewhere.

Another food for thought on the matter of pet insurance is that pet insurance, just like health insurance for humans, have a certain cap within a year. A pet owner can only move within the range of the value of that cap; any amount in excess would be to the account of the pet owner. Also, just like in human health insurance, pet insurance policies have exclusions to coverage. Typical items in this list of exclusions are pre-existing problems and hereditary conditions.

The cost of premiums also gets more and more expensive as the pets get older, and most pet insurance providers do not accept applications or terminate existing plans once the pet turns nine years old. If they do accept applications or renew existing plans for an old pet, there are high surcharges that a pet owner will have to bite to keep the insurance.

And yet another thing that a pet owner must keep in mind regarding pet insurance is the fact that pet insurance only covers unexpected illnesses. Pet owners cannot make claims for preventive veterinary care such as vaccination, or elective veterinary care such as neutering. The rationale pet insurance providers throw around to justify this issue is that preventive and elective veterinary care can be foreseen, and therefore could be budgeted ahead.

Pet insurance policies are also available only for cats and dogs. There are also insurance policies for horses, but they are called equine insurance.

Pet insurance coverage can get very costly for a pet owner. In some cases, it all boils down to how far he or she would go for his or her pet. Some owners goad the distance for their pet. There are some, however, who would just take the practical approach, bite the bullet and swallow their tears – and let the pet be put to sleep.

The best way to go about choosing the kind of pet insurance that could work for you is to shop around and compare. Be sure that you understand all the provisions that the pet insurance policy contains. Also, make sure that the pet insurance policy provider is accredited by the proper authorities.